Q: How difficult is it to set up an irrevocable trust in Oklahoma for just a bank account and furniture in an assisted
living facility? My mother's rent is paid by my deceased father's pension and social security payments, with a little overage each month. I want to protect her assets if/when she needs a nursing home, there is $172,000 in her bank account after the sale of their home. She is 79 with declining heath, so I hope she can make the 5yr lookback for Medicaid.
A:
That is a great question and I can see that you have done some homework.
The document preparation is not overly difficult for an attorney well versed in elder law and Medicaid eligibility. But the work is in counseling, reviewing and planning. There are questions regarding if the client is competent to act for herself, if no are there sufficient powers of attorney in place. This also assumes there is no guardianship in place which can complicate issues. Of course, there is a family component. Is everybody onboard, or will there be difficult players. Finally, is there a different or better plan?
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